Formula One Group (NASDAQ:FWONK) Upgraded to “Sell” at StockNews.com

Formula One Group (NASDAQ:FWONK) was upgraded by StockNews.com to a “sell” rating in a research note issued to investors on Saturday.

Separately, Morgan Stanley raised their price target on shares of Formula One Group from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Monday, September 23rd.

Formula One Group Stock Up 2.0 %

NASDAQ:FWONK opened at $78.82 on Friday. Formula One Group has a 52 week low of $61.23 and a 52 week high of $82.23. The firm has a 50 day moving average of $76.86 and a 200 day moving average of $73.72. The stock has a market capitalization of $16.54 billion, a price-to-earnings ratio of 74.36 and a beta of 0.04.

Formula One Group (NASDAQ:FWONK) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.22). The firm had revenue of $853.00 million for the quarter, compared to analysts’ expectations of $960.45 million. As a group, analysts expect that Formula One Group will post 1.01 EPS for the current year.

Insider Transactions at Formula One Group

In related news, Director Andrea L. Wong sold 1,604 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total value of $76,045.64. Following the completion of the sale, the director now owns 5,274 shares in the company, valued at $250,040.34. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Brian J. Wendling sold 10,011 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $73.80, for a total value of $738,811.80. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Andrea L. Wong sold 1,604 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $47.41, for a total transaction of $76,045.64. Following the completion of the transaction, the director now owns 5,274 shares in the company, valued at approximately $250,040.34. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 30,817 shares of company stock worth $2,327,591. 4.31% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of FWONK. Janney Montgomery Scott LLC grew its position in Formula One Group by 13.6% in the first quarter. Janney Montgomery Scott LLC now owns 21,000 shares of the company’s stock valued at $1,378,000 after acquiring an additional 2,514 shares in the last quarter. Beach Investment Counsel Inc. PA acquired a new stake in Formula One Group in the second quarter valued at approximately $48,000. Finally, Hahn Capital Management LLC grew its position in Formula One Group by 33.5% in the second quarter. Hahn Capital Management LLC now owns 68,616 shares of the company’s stock valued at $4,929,000 after acquiring an additional 17,219 shares in the last quarter. 92.26% of the stock is currently owned by hedge funds and other institutional investors.

About Formula One Group

Formula One Group, through its subsidiary Formula 1, engages in the motorsports business in the United States and internationally. The company holds commercial rights for the FIA Formula One world championship, approximately a nine-month long motor race-based competition in which teams compete for the constructors' championship and drivers compete for the drivers' championship.